Bank of Canada rates on hold; Hubert Financial and Ideal Savings decrease rates
Last month, the Bank of Canada left the key interest rate at 1.75%, and they also removed their previous language about the possibility of rate hikes later in the year.
On the savings account end, there have been a few recent interest rate drops to both regular savings and TFSA accounts: Ideal Savings (from 2.50% to 2.40%), Hubert Financial (from 2.50% to 2.35%), and Meridian Credit Union (from 1.40% to 1.30%). Meridian Credit Union now provides 24-72 hours notice of rate changes via e-mail and on their website, although we no longer list Meridian Credit Union on our main comparison chart.
Steinbach Credit Union offers some of the highest savings account rates (2.55% to 2.85% depending on your balance) and its TFSA sits at 2.80%, although interest is paid annually and calculated on the minimum monthly balance.
GIC rates are flat
Last month saw nearly across-the-board GIC rate decreases. This seems to have settled a bit, with even a few small increases, such as at Oaken Financial. Either Peoples Trust or Oaken Financial hold the top spot for the 1- through 5-year GIC rates on our GIC chart, and Peoples Trust has a 15-month GIC promo at a 3.10% interest rate.
HSBC and Manulife promos for ~6 months
Of the current high interest savings promotions, the most frequently discussed ones are:
HSBC High Rate Savings Account: 2.40% to 3.00% on new deposits between April 15 and September 3, 2019 and
Manulife Advantage Account: 3.25% for 6 months in new accounts.
Business savings accounts options: up to 2.65%
Meridian Credit Union has a business savings account promo (2.65% for 4 months). that compares well against the alternatives. Outside of a promotion, Oaken Financial might be your best option in a normal rate at 2.30%, since it offers the same rate for personal and business accounts. Or, get an account at a discount brokerage and look at the Investment Savings Account options, which should give you better rates than the standard business savings accounts offered at the big banks.
Much more news!
- Forum member Doug has made a comprehensive update to our free Canadian chequing accounts comparison spreadsheet
- See the results of our 2019 personal income tax filing survey, including: 48% of respondents pay nothing at all to file their personal income taxes, and those who use software (92%) are likely to use one of StudioTax, TurboTax, SimpleTax, or UFile.
- Oaken Financial adds ability to link an unlimited number of external accounts
- The Scotiabank Gold American Express credit card will have no foreign currency exchange fee starting August 1, 2019
- The EQ Bank referral program ($25 for referrer and referee) is back until July 8, 2019